Wednesday, January 29, 2014

Daily Dose - OMER, PRAN, PGNX

The Nasdaq Biotech index was down .56% today with these notable movers and shakers.

Omeros (OMER) was up 2.58% to $11.52 after reporting positive results from it's schizophrenia drug, OMS824, in a Phase 2a which isn't huge news as the results were related to tolerability and pharmacokinetics but popped the stock nonetheless.  The stock has been on a tear over the last year with an upcoming PDUFA date of June 1st for Omidria, a drug used during intraocular lens replacements surgery.  With a market cap of $349 million, a PDUFA date of June 1st, and a number of drugs in the pipeline, Omerus could be a value buy. 

Prana (PRAN) bucked the market as well with a 2.71% jump to $10.23.  The company is expecting to report results on two Phase 2 trials in Huntington's Disease and Alzheimer's of it's candidate PB2T within the next few months.  With a market cap under $400 million, the stock could explode if the Alzheimer's results are solid.  On another hand, the stock will get crushed if both trial results come back negative as PB2T is it's lead candidate and all other compounds are in very early stages of testing.  Out of the money call options are very expensive which shows the markets feel the same about the upside potential in the event that results are positive. 

Progenics (PGNX) was hammered 27.42% after it was reported that two people died in a trial for it's experimental drug to treat prostate cancer.  The prostate market it already crowded and safety concerns is definitely a big blow to this small biotech.  They did have over $70 million in cash at the end of the 3rd quarter and a number of other compounds in development so it may be a value play if the stock slides below $3.

Those are the highlights for today.  Come back tomorrow for your next shot of the daily dose!  

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